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BusinessLive reports that Old Mutual, which is under pressure from shareholders to end its bruising public battle with Peter Moyo, says it has issued the previously axed CEO with a further notice terminating his employment.
In July, the High Court in Johannesburg ruled that Old Mutual should temporarily reinstate Moyo after firing him without a disciplinary hearing in June over alleged conflicts of interest. The insurer is appealing against the order. The second notice of termination “has been taken after legal advice and on careful reflection by directors, with proper regard to their fiduciary duties to the company”, the board said. “We must accept that Mr Moyo may decide to challenge this step too. We will stand our ground if he does, naturally and at all times continuing to respect the law and our court system,” it added.
- Read the full original of Nick Hedley’s report in the above regard at BusinessLive
Get other news reports at the SA Labour News home page